Jim Cramer, anchor of CNBC, criticized cryptocurrencies earlier today, labeling them "the creation of money by cretins" and dubbing Litecoin owners "idiots." He added;
“I think that everyone who owns these various coins…Litecoin…I do think you are an idiot. I did not go to college to get stupid. These people who own these things should not own them.”
Cramer said that he would never make his own cryptocurrency investments since he relies on deposit banks and is concerned about the absence of regulation.
He described a difficult experience he had attempting to get his money back from a cryptocurrency company.
Cramer encourages the U.S. to stop the unfettered "creation of money by cretins" that is now taking place in this market, the Securities and Exchange Commission should tighten down on the cryptocurrency industry. "I believe a thorough sweep is necessary. Stop having individuals create money. Even the poorest Nasdaq equities are better than these, Cramer said.
The CNBC anchor also stated that he prefers conventional banks like JPMorgan Chase.
“I like to have my money at JPMorgan, and I check on Monday to see whether my balance is there. It feels good.”
The renowned CNBC anchor recently expressed concern that cryptocurrencies like XRP, Cardano (ADA), and Dogecoin (DOGE) would ultimately crash to zero.